Video 3 - Quick Analysis
QUICK ANALYSIS (keep this page in your pocket all the time. Practice Quick Analysis a lot!) Lesson # 3 From the video course: “How To Start A Micro Business”.)
by Dr. Jerry Dean Epps, Ph. D.
Any time you think of a micro business you might like to do, think through the 8 steps below to find out if the micro business would make a good profit.
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Material Costs
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Other Costs
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Selling price for each
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How many sold in a month?
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Income for month
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Total Income – Total Costs = Gross Profit
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Now, Gross Profit – Re-supply costs = Net Profit
(Net profit is the amount you actually made for one month) -
Will this micro business be profitable?
The questions below need to be answered by you if you want a profitable micro business. They are also on the “Quick Analysis” worksheet on the website.
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Is there already a lot of it available?
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Would there be a market for it , or more of it if it already exists?
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Who will buy it? How much will they buy? How often will they buy?
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What is needed to produce it? Make a list of things needed to produce it.
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List what is needed for production?
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Estimate expenses: Estimate Income: Estimate profits:
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Start up costs? What will it cost to get started?
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How long to get it to market?
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What will be the most effective and widely accepted sales pitch?
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Will there still be a market for this in 2 years? 5 years?
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Will it need to be promoted, or will people just see it, and automatically want to buy it?
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If it needs promotion, are you willing to learn how to promote things?
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You CAN start a micro business, and earn money to improve your life, and the life of your community too!
This is the end of Lesson # 3, “Quick Analysis.”
The forms and worksheets that you need to get started in a micro business are located here.